QXO Completes Acquisition of Kodiak Building Partners

QXO announced it has completed its acquisition of Koriak Building Partners from Court Square Capital Partners for approximately $2.25 billion, expanding QXO’s addressable market to more than $200 billion.

“By acquiring Kodiak, we’re providing our customers with a wider range of product offerings and value-added services,” says Brad Jacobs, chairman and CEO of QXO. “In addition, we expect the deal to be highly accretive to 2026 earnings and we remain on track to achieve our goal of $50 billion in annual revenue.”

The deal comes after QXO reported net sales of $2.19 billion, up from $14.8 million in Q4 2024, an over 14,000% increase. Net sales for 2025 ended at $6.8 billion, up from $56.9 million in new sales in 2024.

“Today marks a definitive capstone for Kodiak as we join QXO and become a part of the most exciting company in building products,” says Steve Swinney, co-founder of Kodiak Building Partners and leader of QXO’s new LBM division.

QXO believes the housing cycle is at a low point and that it is acquiring Kodiak near the bottom of the cycle, says Joe Checkler, QXO SVP of communications.

Checkler says the deal was attractive to QXO. With an enterprise value of about $2.25 billion, QXO is paying roughly 10.7 times projected 2025 EBITDA of $211 million and about 0.95 times sales. When expected synergies are factored in, the EBITDA multiple drops to around 7.3 times.

The acquisition presents strong cross-selling opportunities for QXO, Checkler says. Owning Kodiak will expand its reach with homebuilders and large general contractors, improve demand visibility and support more effective inventory planning.

With 16 of Kodiak’s top 20 vendors shared with QXO, this acquisition expands QXO’s stake in the lumber and building materials sector.

“Lumber was always part of QXO’s plan, and this gives us entree into that market,” Checkler says. “Lumber is crucially important because it’s the first point of entry to most projects.”